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Due to the rising cost of food prices in the country, the National food security council is set to meet to address the issue. The council which was set up in 2018 by the President Buhari-led administration with the objective of responding to climate change, farmers/Fulani herdsmen clash, and desertification and its impacts on farmlands.
The council is also charged with the responsibility to address issues of grazing areas, rivers and other water bodies, oil spillage and its impact on the aquatic life in the Niger Delta region, piracy and banditry, agricultural research institutions and extension services and the problem of smuggling.
The high price of food has therefore prompted the federal executive council to hold a meeting, urging the Nigerian food council to meet immediately and address the issue affecting the high price of foodstuffs in the country. They also urged the council to provide a plan and some methods in which the nation can implement, to reduce the cost of food to support improved food prices for the citizens.
This inflation has also forced the Central Bank Of Nigeria (CBN), to adjust the MPR to 13 percent in the last MPC which is an attempt to manage the cost of inflation. According to analysts, they disclosed that Nigeria’s inflation is not caused by having too much money in the system, but by a short supply of food and other items.
They further disclosed that increasing the interest rates may not solve the high price of food in the country. Last year, President Buhari disclosed that the spike in the price of food was caused by middlemen who were buying and holding essential commodities.
How ironic it is that a large percentage of Nigerians are contending with high prices of food items, meanwhile the government has been celebrating its acclaimed interventions and investment in the agricultural sector.
One question that is likely on everyone’s lip is this. Since the government claims to constantly fund the agricultural sector, why is the country not feeling the impact of these interventions? It’s either the government is not being honest, or the middlemen in charge of the disbursement of loans, farm tools, fertilizers, etc, are siphoning these funds and selling off these equipment without giving it to the farmers.
There is no disputing the fact that the agricultural sector has been ravaged with widespread corruption, from these so called middlemen. It is disheartening to know that most of these farmers never get to receive what is being supplied to them by private institutions and the government.
This was the reason why the president of African Development Bank (AFDB), Mr. Akinwunmi Adesina suggested the introduction of the wallet system because it will cut off these middlemen ensuring that farmers are the ones directly receiving the funds and the links.
If one is observant enough, he or she will notice that a large percentage of Nigerians are becoming increasingly aggrieved due to the unabating rise in the prices of foodstuff. It’s high time the government declared war on hunger and put in measures to mitigate hunger in the country.
They should properly fund the sector, since they claim to properly fund the sector, they should go ahead to investigate why the sector continues to underperform and prosecute whoever is behind such menace. There is a strong need to also produce foods in the country to stop the importation of food commodities. Inflation in food prices can only be curbed when the country produces a large percentage of its food products.
He is a master of design thinking and innovation. He helps organizations translate business frictions into components, and how through Design Thinking, they can create winning solutions in markets. Aderinola Oloruntoye of SAP, a global technology giant, will teach us in Week 2, at Tekedia Live.
Tekedia Institute is the best business school for the mastery of entrepreneurial capitalism in Africa. Our faculty members are business leaders and practitioners in markets who understand the mechanics of business.
Tekedia Mini-MBA begins on Monday, June 6. Come here and learn how to design – and how to innovate, from our “Dean”, Mr. Oloruntoye.
Update: Our Design Thinking and Innovation Faculty is offering Free Digital Transformation Business Case Development for 5 Digital Transformation Program Leaders/Managers or Companies so they can prioritize and deliver their Digital Initiatives with Stakeholder Value at the center. He will be live on June 14 during a live class session and will provide more insights.
We’re very excited that he is offering this to the new edition of Tekedia Institute Mini-MBA; last time he did the same, a governor of Anambra State hired one of our learners to develop the innovation ecosystem project. The learner submitted his class project to the state and the governor saw it and hired him! And the new Prof Soludo government has retained the learner.
On the selection, we do not know the best way to do the selection since I expect dozens of members to be interested. But let us meet in the class and work out the best way.
We have started scheduling our Faculty for Tekedia Mini-MBA live Zoom sessions. Eromosele Omomhenle F.IMS , a Senior Manager, Global ISV Alliances and Partner Development at Microsoft global headquarters in Redmond, USA, will anchor a session on Business Strategy & Execution. Tekedia Institute Mini-MBA begins on Monday, June 6. Register today.
Let me congratulate Touch and Pay Technologies Ltd (YC W22) for the recognition by Built in Africa. TAP is one of the fastest growing companies in the continent and the category-king on microtransactions (say 10 cents to $10). About three years ago, it was processing N5 million per month; today, it is hitting close to N5 billion ($10 million) per month. The total customer base is now close to 2 million and more than 20% use the solution daily.
At Tekedia Capital, we admire innovators and agents of change. Congrats Olamide. Michael, Ogochukwu and Kabir.
TAP is expanding rapidly into Africa and is open to work with governments and institutions. Reach out. With TAP, revenue is assured and its technology is industry-leading.
Today is the early bird deadline with all the additional benefits (books, facyber, special weeks, etc) to attend Tekedia Institute Mini-MBA which begins on Monday. The theme is innovation, business growth and digital operational overlay. We will cover all industrial sectors; it will be amazing. Go here, register and let us begin the academic excursion on Monday.
(If you have paid, you ought to have received your login to the Board by now. WhatsApp Group is also up in the Board. Team operates 24/7 to provide support anytime. Welcome.)
Tekedia Institute offers Tekedia Mini-MBA, an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents. Besides, programs are designed for ALL sectors, from fintech to construction, healthcare to manufacturing, agriculture to real estate, etc.